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Washington
BITS unveils mortgage fraud toolkit for consumers
WASHINGTON (2/1/08)—BITS Financial Services Roundtable, a financial service industry consortium, has unveiled a new mortgage fraud prevention toolkit for consumers, an educational packet developed through the input of the Credit Union National Association (CUNA) and other BITS members. The toolkit was developed by the BITS Mortgage Fraud Reduction project group to help financial institutions educate consumers about mortgage fraud and how to protect themselves against the most common schemes. The materials include details about a variety of mortgage fraud schemes, including foreclosure bailouts, "dos and don'ts" that consumers should consider when getting a mortgage, and resources that consumers can refer to for more information. BITS is encouraging all financial institutions to incorporate the information into their own consumer education materials and programs on preventing mortgage fraud. Entitled the "Mortgage Fraud Prevention: An Education and Awareness Toolkit for Consumers," the packet is available on the BITS Web site. (Use the resource link below to access that site.)
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